Pakistan’s economic growth is expected to slow significantly in FY2023

Economy slowed down due to last year’s devastating floods, ballooning inflation, To slow also on account current account deficit, and an ongoing foreign exchange crisis

Pakistan’s GDP growth is projected to slow to 0.6% in FY2023 from 6% last fiscal year Growth is forecast to rise to 2% in FY2024, assuming the resumption of macroeconomic stability, implementation of reforms, post-flood recovery, and improving external conditions.

Saudi Arabia withdrew its financial support from Pakistan, Lebanon and Egypt

In FY2023, industrial growth is forecast to continue decelerating, which reflects fiscal and monetary tightening

Growth to affected due to significant depreciation of the local currency, and higher domestic oil and electricity prices

Average inflation is projected to more than double from 12.2% in FY2022 to 27.5% this fiscal year.